Italy’s Eni became the latest energy group to increase its climate ambition with a promise to become carbon neutral by 2050. As Eni seeks to keep pace in an industry mounting investor pressure to emission reduction.
Eni announced its plans after newly-appointed Prime Minister Mario Daghi at the weekend placed climate change at the heart of his plans for Italy; and stated that his government intends to boost green hydrogen production and boost renewable energy.
Eni makes most of its earnings from gas and oil and their 2050 decarbonisation goal said it would be reached through raising renewable capacity, forestry initiatives, growing output from bio-refineries and other green projects.
The group plans to spend 7 billion euros per year over the next four years, with over 20% of that earmarked for green projects and the merged renewable and retail business.